(a) Applicability of Exchange Rules. Options 3B Rules will apply only to Outcome-Related Options or “OROs” (defined below).  The trading of OROs will be subject to all other Rules applicable to the trading of options on the Exchange, including the trading rules and functionality in Options 3, unless the context otherwise requires or otherwise provided in this Options 3B.

(b) Definitions. The following terms will have the meanings specified in Options 3B:

(1) The term “contract multiplier” as used in reference to OROs means the multiple applied to the exercise settlement value to arrive at the total exercise settlement amount per contract.  The contract multiplier for OROs shall be 100.

(2) The term “exercise price” as used in reference to OROs means the value to which the settlement value of the underlying broad-based index is compared to determine whether the holder of an ORO is entitled to an exercise settlement amount on the option contract.

(3) The term “exercise settlement amount” as used in reference to OROs means the amount of cash that a holder will receive upon exercise of the contract.  The exercise settlement amount is $100 which is the exercise settlement value multiplied by the contract multiplier.  

(4) The term “exercise settlement value” as used in reference to OROs means the value of the ORO.  The exercise settlement value for OROs shall be $1.

(5) The term “OROs” represents cash-settled, P.M.-settled, European-Style binary options on broad-based indexes with a fixed settlement amount.

(6) The term “ORO Order” means an order submitted in an ORO pursuant to Options 3B.

(7) The term “settlement value” is the value of the underlying broad-based index that is used to determine whether an ORO is in, at or out of the money.  OROs that are “at-the-money,” “in-the-money,” or “out-of-the-money” are a function of the settlement value of the underlying broad-based index in relation to the type of ORO (i.e., put or call) and the exercise price.  OROs shall be paid out if the settlement value of the underlying broad-based index equals, exceeds or is less than the exercise price, depending on the type of option (i.e., call or put). 

(a) OROs that are call option contracts would return an exercise settlement amount if the settlement value of the underlying broad-based index is at or above the exercise price at expiration (i.e., at or in-the-money).

(b) OROs that are put option contracts would return an exercise settlement amount if the settlement value of the underlying broad-based index is below the exercise price at expiration (i.e., in-the-money).

(8) The term “underlying” means the broad-based index that the Clearing Corporation shall utilize to determine whether an ORO is in, at or out of the money.  

Amended Apr. 30, 2026 (SR-MRX-2026-05).

(a)The trading hours for OROs are the same as the trading hours as set forth in Options 3, Section 1.

Amended Apr. 30, 2026 (SR-MRX-2026-05).

(a) Bids and offers for OROs must be expressed in U.S. dollars.

(b) OROs may have a premium range from $0.01 to $1.00.

Amended Apr. 30, 2026 (SR-MRX-2026-05).

(a) OROs may be entered in a minimum increment of $0.01.

Amended Apr. 30, 2026 (SR-MRX-2026-05).

(a) OROs Classes.  The Exchange authorizes OROs on the Nasdaq-100^® Index (“Nasdaq-100 OROs”) and on the Nasdaq-100 Micro Index^® (“XND OROs”).  The listing of Nasdaq-100 OROs and XND OROs shall be subject to Options 4A Rules, including but not limited to P.M.-Settlement pursuant to Options 4A, Section 12(a)(6), the Nonstandard Expirations Program pursuant to Supplementary Material .07 to Options 4A, Section 12, the Short Term Series Options Program pursuant to Supplementary Material .01 to Options 4A, Section 12, the Quarterly Options Series Program pursuant to Supplementary Material .02 to Options 4A, Section 12, and the Monthly Options Series Program pursuant to Supplementary Material .06 to Options 4A, Section 12, unless otherwise specified.

(1) P.M.-Settled.  The Exchange authorizes P.M.-Settled Nasdaq-100 OROs and XND OROs pursuant to Options 4A, Section 12(a)(6).  A.M.-Settled Nasdaq-100 OROs and XND OROs pursuant to Options 4A, Section 12(a)(5) are not authorized. 

(2) Third-Friday-of-the Month. Nasdaq-100 OROs and XND OROs may be P.M.-Settled on the third Friday-of-the-month.

(3) Reporting Authority.  The reporting authority for Nasdaq-100 OROs and XND OROs shall be The Nasdaq Stock Market.

(b) Permissible Series.  Nasdaq-100 OROs and XND OROs are each separate classes and are separate from other options overlying the Nasdaq-100 Index and the Nasdaq-100 Micro Index.

(1) Expiration Months and Weeks. OROs contracts may expire at three (3)-month intervals, in consecutive weeks or in consecutive months and may list up to 12 standard (monthly) expirations.

(2) European-Style Exercise. OROs shall be European-style.

(c) Terms. When submitting an ORO Order for an OROs series to the System, the submitting Member must include one of each of the following terms in the ORO Order:

(1) underlying broad-based index (the contract multiplier is 100);

(2) type of option (i.e., put or call);

(3) expiration date; and

(4) exercise price.

(d) Determination of Settlement Value. The settlement value for Nasdaq-100 OROs shall be the value of the Nasdaq-100 Index as reported by Nasdaq at the conclusion of the Nasdaq Closing Cross pursuant to Nasdaq Equity 4, Rule 4757.  The settlement value for XND OROs shall be the value of the Nasdaq-100 Micro Index as reported by Nasdaq at the conclusion of the Nasdaq Closing Cross pursuant to Nasdaq Equity 4, Rule 4757.

(e) Adjustment. OROs contracts are subject to adjustment only in accordance with and to the extent specified in the By-Laws and Rules of the Clearing Corporation.  When any such adjustment has been determined, an announcement shall be made by the Exchange and shall become effective as of the time specified in such announcement.

(f) Position Limits. The position limits in Options 4A, Section 6 shall not apply to OROs, rather the position limits shall be equal to 25,000 contracts on the same side of the market.  Position limits in OROs shall not be aggregated with other option contracts for the underlying.  OROs shall not be subject to the exemptions from position limits in Options 4A, Section 9.  

(1) Reporting of Position Limits.  With respect to positions in OROs, the minimum position in an account which must be reported shall be 200 contracts.

(a) Market Side. For purposes of the position limits set forth in subparagraph (f) of this Rule, long positions in put OROs and short positions in call OROs shall be considered to be on the same side of the market; and short positions in put OROs and long positions in call OROs shall be considered to be on the same side of the market.

(g) Exercise Limits. The exercise limits specified in Options 4A, Section 10 shall not apply to OROs.  OROs will automatically be exercised at expiration if the settlement value of the underlying is equal to or greater than the exercise price of call OROs or less than the exercise price in the case of put OROs.  Further, OROs on broad-based indexes are not subject to the rules in: (i) Options 6B, Exercises and Deliveries; and (ii) Options 9, Section 19, Other Restrictions on Options Transactions and Exercise, as that Section 19 relates to exercises.

Amended Apr. 30, 2026 (SR-MRX-2026-05).

(a) The Exchange may determine to make any eligible order types and times-in-force, respectively, in Options 3, Section 7, Types of Orders and Order and Quote Protocols, available on a class or System basis to be submitted as ORO Orders.  Eligible ORO Orders shall include all order types in Options 3, Section 7 except for:

            (1) Market Orders at Options 3, Section 7(a);

            (2) Stop Orders at Options 3, Section 7(d); and

            (3) Stop Limit Orders at Options 3, Section 7(e).

(b) All order and quote protocols in Supplementary Material .03 to Options 3, Section 7 are available for OROs.

(c) ORO Orders may be submitted in both simple and complex order books.  ORO Orders may be entered as complex orders as specified in Options 3, Section 14, except that a Stock-Complex Order as defined in Options 3, Section 14(a)(3) is not permitted.  ORO Orders may be submitted into any of the auction mechanisms specified in Options 3, Sections 11 (Auction Mechanisms) or 13 (Price Improvement Mechanism for Crossing Transactions).  ORO Orders may be submitted as Crossing Orders, as specified in Options 3, Section 12, except that ORO Orders may not be submitted as a Qualified Contingent Cross Order or a Complex Qualified Contingent Cross Order subject to Options 3, Section 12(c) and (d), respectively.

Amended Apr. 30, 2026 (SR-MRX-2026-05).

(a) The simple order risk protections in Options 3, Section 15 and the optional risk protections in Options 3, Section 28 will apply to ORO Orders. The complex order risk protections in Options 3, Section 16 will apply to ORO Orders except for the Strategy Protections in Options 3, Section 16(b).

Amended Apr. 30, 2026 (SR-MRX-2026-05).

(a) For purposes of ORO Orders, the Obvious Error provisions in Options 3, Section 20, Nullification and Adjustment of Options Transactions including Obvious Errors, shall apply except that with respect to Options 3, Section 20(c), the adjusted price (including any applicable adjustment under subparagraph (c)(4)(A) for Non-Customer transactions) shall not exceed the applicable exercise settlement value for OROs, which is $1.

Amended Apr. 30, 2026 (SR-MRX-2026-05).